HONG KONG, Dec 3 (Reuters) - Ping An-backed Lufax has raised $1.33 billion in its latest funding round from a dozen investors, at a valuation below expectations of the financial technology company, people with direct knowledge of the matter told Reuters.

The fundraising values Lufax, set up in 2011 by top insurer Ping An Insurance Group Co of China Ltd , at $38 billion prior to closing, the people said.

Lufax was aiming for a $40 billion valuation when it started raising funds in June, after postponing plans for an initial public offering (IPO) in Hong Kong.

The fundraising drew in a diverse group of investors, the people said on condition of anonymity as the information is confidential. Chinese private equity firm Primavera Capital was a lead investor, two of the sources told Reuters.

Among the main investors were Qatar Investment Authority, Hong Kong-based All-Stars Investment and Japanese financial firm SBI Holdings, the people added.

Financial institutions including JP Morgan, Macquarie Group, UBS, UOB and the private equity arm of Goldman Sachs, also joined as investors, the sources added.